Stock futures turn higher after hours

29 December 2012

LOS ANGELES (MarketWatch) — U.S. equity futures turned higher Friday evening, ahead of a statement by President Barack Obama about negotiations over tax increases and spending cuts set to go into effect next year.

Futures for the S&P 500 Index (US:SPH3) rose 3 points and those for the Dow Jones Industrial Average (US:DJH3) gained 24 points shortly before Obama began to address reporters Friday evening at the White House.

The president said he’s optimistic a bipartisan budget deal can be reached before Jan. 1. Senate leaders said they’ll work until midday Sunday toward a compromise to avoid the so-called fiscal cliff.